{"data":{"id":"us-mi/mich.-comp.-laws-550.1204","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 550.1204","heading":"Filing of statements and documents; examination; investigation; additional information; conditions; duties of commissioner.","body":"Sec. 204.\n\nBefore entering into contracts or securing applications of subscribers, the persons incorporating a health care corporation shall file all of the following in the office of the commissioner:\n\nThree copies of the articles of incorporation, with the certificate of the attorney general required under section 202(3) attached.\n\nA statement showing in full detail the plan upon which the corporation proposes to transact business.\n\nA copy of all certificates to be issued to subscribers.\n\nA copy of the financial statements of the corporation.\n\nProposed advertising to be used in the solicitation of certificates for subscribers.\n\nA copy of the bylaws.\n\nA copy of all proposed contracts and reimbursement methods.\n\nThe commissioner shall examine the statements and documents filed under subsection (1), may conduct any investigation that he or she considers necessary, may request additional oral and written information from the incorporators, and may examine under oath any persons interested in or connected with the proposed health care corporation. The commissioner shall ascertain whether all of the following conditions are met:\n\nThe solicitation of certificates will not work a fraud upon the persons solicited by the corporation.\n\nThe rates to be charged and the benefits to be provided are adequate, equitable, and not excessive, as defined in section 609.\n\nThe amount of money actually available for working capital is sufficient to carry all acquisition costs and operating expenses for a reasonable period of time from the date of issuance of the certificate of authority, and is not less than $500,000.00 or a greater amount, if the commissioner considers it necessary.\n\nThe amounts contributed as the working capital of the corporation are payable only out of amounts in excess of minimum required reserves of the corporation.\n\nAdequate and unimpaired surplus is provided, as determined under section 204a.\n\nIf the commissioner finds that the conditions prescribed in subsection (2) are met, the commissioner shall do all of the following:\n\nReturn to the incorporators 1 copy of the articles of incorporation, certified for filing with the director of the department of consumer and industry services or of any other agency or department authorized by law to administer the business corporation act, 1972 PA 284, MCL 450.1101 to 450.2098, or his or her designated representative, and 1 copy of the articles of incorporation certified for the records of the corporation itself.\n\nRetain 1 copy of the articles of incorporation for the commissioner's office files.\n\nDeliver to the corporation a certificate of authority to commence business and to issue certificates that have been approved by the commissioner, or that are exempted from prior approval pursuant to section 607(2) or (8), entitling subscribers to certain health care benefits.","path":["MI Code","Chapter 550","Act Act-350-of-1980"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-550-1204","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"6453f88325032cad8929e7f76b2bf015911db2c8f440665ecc7dc8336ccaea59","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-550.1203","next":"us-mi/mich.-comp.-laws-550.1204a"},"notice":"GroundRules: Original legal text. Not legal advice."}